‘Code Of Corporate Governance For Public Sector Out Soon’

Following the success recorded with the establishment of National Code of Corporate Governance (NCCG, 2018) by the Financial Reporting Council of Nigeria (FRC), the Council has said that work is almost concluded on code of governance for the public sector and will be published soon.
The Executive Secretary, FRC, Amb. Shuaibu Adamu Ahmed, made the disclosure at a press conference to herald the 2022 National Corporate Governance Summit (NCCS 2022), scheduled to hold in Lagos on November 7 – 8, 2022.
He stated that corporate governance has improved since NCCG came into effect in 2018, saying that no corporate failure has been witnessed since then.
“With the COVID-19 pandemic, the emerging corporate governance environment became characterized by an increasingly complex set of pressures and demands from various stakeholder groups, increased expectations of engagement with societal and environmental factors, coupled with uncertainty about the future.
“These factors were complicating decision-making processes and challenging the traditional models of governance. It became imperative that public and private organisations were to become more intentional in implementing sound governance practices and adapt the corporate governance framework to address some of the challenges brought by changing environmental variables,” he said.
The Acting Chief Executive Officer, IoD Centre for Corporate Governance (IoDCCG), Nerus Ekezie, noted that governance is a journey, saying: “For us to attain global standards in corporate governance practices, everybody must be carried along, both the private and the public sector.”
Also speaking, Registrar/CEO, Chartered Institute of Bankers of Nigeria, Seye Awojobi, and the Director, Directorate of Accounting Standards, Iheanyi Anyahara, who are the co-chairmen, National Organising Committee, NCCS 2022, said the summit underlined the imperative of the practical application of the principles and practices of corporate governance as espoused in the NCCG 2018, other relevant sectoral codes and extant laws.